Paytm SBI Credit Card – Benefits, Fees & Eligibility

Introduction

The Paytm SBI Card is a co-branded credit card launched in partnership with Paytm by SBI Cards, catering primarily to users who frequently transact on the Paytm app. Cardholders can earn up to 3% cashback on Paytm Mall, movies, and travel, 2% cashback on other Paytm app purchases, and 1% cashback on all other online and offline transactions. This card offers a complimentary Paytm First Membership upon activation, providing benefits potentially worth up to Rs 25,000, and a renewal voucher for the membership on achieving annual retail spends of Rs 1,00,000. It is an entry-level card with a nominal annual fee, making it a suitable option for individuals new to credit cards.

Welcome Benefits

• Complimentary Paytm First Membership upon card activation.
• Activation occurs post the first settled retail transaction on the cardholder's account.
• The Paytm First Membership is valued at Rs. 899 and offers benefits worth up to Rs 25,000.

Fees

• Joining Fee: Rs. 499 + GST
• Renewal Fee (per annum): Rs. 499 + GST
• Add-on Card Fee (per annum): Nil
• Rewards Redemption Fee: Rs. 99 while redeeming specific vouchers, gifts, and for cash redemption.
• Foreign Currency Markup: 3.5% of the transacted amount.
• Interest Rates: 3.50% per month (equivalent to 42% per annum).
• Fuel Surcharge Waiver: 1% fuel surcharge waiver for each transaction between Rs. 500 and Rs. 3,000.
  • The maximum surcharge waiver is capped at Rs. 100 per statement cycle, per credit card account.
• Cash Advance Charges: 2.5% of the amount withdrawn, subject to a minimum of Rs. 500.

Rewards

• Cashback on Paytm:
  • 3% Cashback on all Paytm Travel purchases made through the Paytm App.
  • 3% Cashback on all Paytm Mall and movie purchases.
  • 2% Cashback on all other purchases made through the Paytm App.
• Cashback on Other Spends: 1% Cashback on all other offline and online transactions across millions of stores.
• Change in Reward Structure (effective July 1, 2024): The cashback earned on spends will be replaced with Reward points of equivalent value, where 1 Reward Point = Re 1.
• Cashback Exclusions:
  • Cashback will not be applicable for spends on any Wallet Load (Paytm or any other App).
  • Cashback will not be applicable for fuel spends.
  • Accrual of Cashback has been discontinued for Rent Payment transactions on Paytm SBI Credit Card, effective January 1, 2024.
  • Accrual of Reward Points on Government Related transactions will be discontinued effective July 15, 2024. These transactions are identified under Merchant Category Codes (MCC) 9399 and 9311.
• QR Based Transactions: All QR based transactions done through the Paytm App using Paytm SBI Card will be categorized under the 1% Cashback category.
• Milestone Benefit:
  • Eligible for a complimentary Paytm First Membership at renewal on achieving annual retail spends of Rs. 1,00,000 during one Membership year.
  • The Membership e-Voucher will be awarded within 30 working days of the levy of the Renewal Fee.
• Insurance Benefits:
  • Complimentary Cyber Fraud Insurance: Covered up to Rs. 1,00,000 of financial loss incurred due to fraudulent usage of the credit card.
  • This protection guards against the misuse of the credit card.
  • In case of loss/damage, a replacement card application and applicable fees are required.
  • This protection is insured by ICICI Lombard General Insurance Company Ltd.
• Fuel Surcharge Waiver:
  • 1% Fuel Surcharge waiver for each transaction between Rs. 500 and Rs. 3,000.
  • Maximum Surcharge waiver of Rs. 100 per statement cycle, per credit card account.
• Worldwide Acceptance:
  • The Paytm SBI Card is an International Credit Card.
  • Can be used at over 24 million outlets worldwide, including 3,25,000 outlets in India.
  • Payments can be made at any outlet that accepts Visa.
• Add-on Cards: Add-on cards can be issued for parents, spouse, children, or siblings above the age of 18 years.
• Utility Bill Payment: Facility to pay electricity, telephone, mobile, and other utility bills using Easy Bill Pay.
• Balance Transfer on EMI:
  • Transfer outstanding balances from other bank's credit cards to the Paytm SBI Card.
  • Avail a lower rate of interest and pay back in EMIs.
• Flexipay:
  • Convert transactions of Rs. 2,500 or more into easy monthly installments.
  • Conversion can be initiated on sbicard.com within 30 days of purchase.

Rewards Redemption Guide

• Reward points can be redeemed against the Paytm Gift voucher balance.
• A minimum value of Rs. 100 is required for redemption.
• Effective July 1, 2024, cashback earned will be replaced with Reward points of equivalent value (1 Reward Point = Re 1), which can then be redeemed.

Card Eligibility Criteria

Eligibility Rules

• Age: The applicant must be a minimum of 18 years old.
• Employment Status: Must be either salaried or self-employed.
• Credit Score: A good credit score is required.

Documents Required

• Identity Proof: Ration Card, Voter's ID, Aadhar Card, PAN Card, etc.
• Address Proof: Aadhar Card, Ration Card, Utility bills (not older than three months), etc.
• Proof of Income: Latest bank statements/salary slips, or latest audited ITR.

Card Review

The Paytm SBI Card is positioned as a basic, entry-level credit card, particularly suited for individuals who are new to credit and frequently use the Paytm application for their transactions. With a nominal annual fee of Rs. 499, it offers attractive cashback rates up to 3% on specific Paytm transactions (travel, movies, mall), 2% on other Paytm app spends, and 1% on general spending. The complimentary Paytm First Membership, offering benefits worth up to Rs 25,000, adds significant value for Paytm users. The card also includes a cyber fraud insurance cover of Rs. 1,00,000 and a fuel surcharge waiver. While the card is beneficial for Paytm-centric spending, it's important to note the upcoming shift from cashback to reward points and exclusions on certain transaction types (e-wallet loads, fuel, rent, government-related transactions). Overall, for a beginner seeking a co-branded card with benefits tied to the Paytm ecosystem, this card presents a good option.

Important Product Details

• Welcome Benefit: Complimentary Paytm First Membership provided upon card activation (first settled retail transaction).
• Cashback Structure:
  • 3% cashback on Paytm Travel, Mall, and Movies.
  • 2% cashback on other purchases on the Paytm App.
  • 1% cashback on all other offline and online transactions.
• Reward Point Conversion: Effective July 1, 2024, cashback will be replaced with reward points (1 Reward Point = Re 1).
• Cashback/Reward Exclusions: Not applicable on wallet loads (Paytm or other apps), fuel spends. Discontinued for rent payments (effective Jan 1, 2024) and government-related transactions (effective July 15, 2024).
• Fuel Surcharge Waiver: 1% waiver on transactions between Rs. 500 and Rs. 3,000, capped at Rs. 100 per statement cycle.
• Cyber Fraud Insurance: Rs. 1,00,000 cover against fraudulent card usage.
• Milestone Benefit: Complimentary Paytm First Membership e-Voucher on renewal upon achieving annual retail spends of Rs. 1,00,000.
• Fees:
  • Joining Fee: Rs. 499 + GST.
  • Annual Fee: Rs. 499 + GST.
  • Add-on Fee: Nil.
  • Rewards Redemption Fee: Rs. 99.
  • Foreign Currency Markup: 3.5%.
  • Interest Rate: 3.50% p.m. (42% p.a.).
  • Cash Advance Charges: 2.5% (min. Rs. 500).
• Additional Features: Worldwide acceptance (Visa), Add-on cards, Utility Bill Payment facility, Balance Transfer on EMI, and Flexipay for converting large purchases into EMIs.

Other Details

• Card Management: Manage the Paytm SBI Card using intelligent features on the Paytm App or SBI Card App, including Spend Analyzer, Smart Spend Control, One Tap Lock/Unlock, and convenient card re-issue features.
• Payment Settlement Order: The order of payment settlement for a cardholder's account is specified in the terms and conditions.
• Cheque Payments: Cheques payable outside clearing zones are not accepted. Only local cheques or drafts payable in Delhi are accepted.
• Taxes: All applicable taxes would be charged on all fees, interest, and charges.
• Co-brand Product Funding: The value proposition of the co-brand product may be jointly funded by SBI Card and Paytm based on their financial arrangement, which may involve fee and revenue sharing.
• Customer Assistance: For assistance, cardholders can call the SBI Card helpline at 39 02 02 02 (prefix local STD code) or 1860 180 1290.
• Application Process:
  • Online: Apply via the SBI Card's official website by filling out the digital application form or through the Paytm app.
  • Offline: Visit the nearest State Bank branch to fill out a physical application form.